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BorgWarner to Acquire Hubei Surpass Sun Electric (SSE) Charging Business

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  • Supporting the continuous expansion of the DC fast charging market
  • Addition will complement BorgWarner’s existing European and North American charging footprint China face
  • Leverage BorgWarner’s global capabilities across quality, engineering, supply chain, manufacturing and sales
  • Expected to close in Q1 2023

Auburn Hills, Michigan, September 20, 2022 /PRNewswire/ — BorgWarner Inc. (NYSE: BWA) and Hubei Surpass Sun Electric (SSE) today entered into a stock transfer agreement under which BorgWarner agreed to acquire its electric vehicle solutions, smart grid and smart energy businesses announced. SSE’s.The maximum enterprise value of the transaction RMB 410 millionof which about RMB 267 million Delivered when the store closes or soon after it RMB 143 million Payments may be made in the form of contingent payments over approximately two years after closing.

Headquartered in Xiangyang, Hubei state, ChinaSSE’s electrification business offers customers patented electric vehicle charging solutions China and over 70 other countries. SSE has delivered over 50,000 charging points and has led the engineering, procurement and construction (EPC) of over 250 charging station sites. SSE charging and electrification functions China Expected to complement BorgWarner’s existing capabilities Europe When North AmericaSSE’s 2022 electrification earnings will be approximately RMB 180 million.

The transaction is subject to the satisfaction of customary closing conditions and the approval of SSE shareholders. Closing is scheduled for his first quarter of 2023.

BorgWarner President and CEO Frederic Risardo said: “SSE delivers a product that is hardened while supporting charge forward, our strategy for accelerating the growth of electrification. We look forward to welcoming their talented team to BorgWarner. “

About BorgWarner

For more than 130 years, BorgWarner has been an innovative global product leader in bringing mobility innovations to market. Today, we are accelerating the world’s transition to eMobility and helping build a cleaner, healthier and safer future for all.

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You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, and therefore actual results may not be or may differ materially from what is implied. These risks and uncertainties include, among others: supply disruptions affecting us or our customers; For example, the current shortage of semiconductor chips that has impacted original equipment manufacturer (“OEM”) customers and their suppliers, including us. commodity availability and pricing; competitive challenges from existing and new competitors, including OEM customers; The challenges associated with rapidly changing technology, especially related to electric vehicles, and our ability to innovate accordingly. Uncertainty regarding the extent and duration of the impact of issues related to the COVID-19 pandemic, including additional production disruptions. the difficulty of forecasting the demand for electric vehicles and our electric vehicle revenue growth;potential disruption to the global economy caused by Russian invasion of Ukrainefailure to realize the expected benefits of this or any other acquisition in a timely manner; the inability to quickly and effectively integrate this business or other acquired businesses; Ability to identify targets and complete acquisitions on acceptable terms. potential unknown or immeasurable liabilities related to the acquired business; Uncertainty in the global economic environment and the possibility of a recession in the local economy. Other risks described in reports filed with the Securities and Exchange Commission, including Section 1A, “Risk Factors,” of the recently filed Quarterly Reports on Form 10-K and/or Form 10-Q. We may update or publicly announce updates or revisions to the forward-looking statements in this press release to reflect changes in our expectations or changes in the events, conditions, circumstances or assumptions underlying the statements. shall not be obliged to do so. .

Source: BorgWarner